Deccan Healthcare, a Hyderabad-based nutraceutical products company, has raised Rs 15 crore from Nexus Venture Partners. The company plans to utilise a substantial part of the capital to set up a manufacturing plant in tax-free zones of Himachal Pradesh or Uttaranchal.

The company, which currently has 18 products in its portfolio, is looking at a size of 100 products in the next two years and is also targeting the export market. Deccan Healthcare products target cardiac, bone & joint, neuro care and women care categories.

Sandeep Singhal of Nexus Venture Partners said, “the Indian nutraceuticals market is over a billion dollars growing at 30-40% per annum.” Mr Singhal, who will join the Deccan Healthcare board, says, the company leads in the Omega-3 market and is expanding into a variety of nutritional supplements.”

The company posted revenue of Rs 26 crore in 2008-09 and its margins were in the region of 15%. It is targeting a turnover of Rs 50 crore in the next fiscal, Gupta said.